Larger version of chart here
*****
1980: Ronald Reagan runs for president, promising a balanced budget
1981 – 1989: With support from congressional Republicans, Reagan runs enormous deficits, adds $2 trillion to the debt.
1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes from congressional Republicans.
1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged.
2000: George W. Bush runs for president, promising to maintain a balanced budget.
2001: CBO shows the United States is on track to pay off the entirety of its national debt within a decade.
2001 – 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt.
2002: Dick Cheney declares, “Deficits don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.
2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s fiscal irresponsibility.
2009: Congressional Democrats unveil several domestic policy initiatives …. which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction.
September 2010: In Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.
October 2010: S&P endorses the nation’s AAA rating with a stable outlook….
November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility.
December 2010: Congressional Republicans demand extension of Bush tax cuts ….. GOP continues to accuse Obama of fiscal irresponsibility.
March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage – a move without precedent in American history – until massive debt-reduction plan is approved.
July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets.
August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility…..
Full post here
Tweeters? Tweet it! Please use the direct link to Steve Benen’s blog (here) rather than to mine – the more people who read this guy the better 😉
The Obama Diary 
Awesome analysis.
Let’s make this go viral.
Even to the Teahadists on Twitter and in the MSM.
Spot on. I have already e-mailed it to my media e-mail list. For those interested here is a list:
‘thelastword@msnbc.com’; ‘JEREMY.GAINES@NBCUNI.COM’; ‘Josh Marshall’; ‘rachel@msnbc.com’; ‘capehartj@washpost.com’; ‘Todd, Chuck D (NBCUniversal)’; ‘contessa@msnbc.com’; ‘candy.crowley@turner.com’; ‘Andrew Sullivan’; ‘andrea.mitchell@nbcuni.com’; ‘anderson.cooper@cnn.com’; ‘danamilbank@washpost.com’; ‘Greg Sargent’; ‘eugenerobinson@washpost.com’; ‘ed@edschultzshow.com’; ‘earlyshow@cbs.com’; ‘evening@cbsnews.com’; ‘Nightly@nbc.com’; ‘newshour@pbs.org’; ‘wolf.blitzer@turner.com’; ‘stein@huffingtonpost.com’; ‘jason@huffingtonpost.com’
If you have other e-mail addresses, please share.
Chuck Todd: Chuck.Todd@nbcuni.com
Greg Sargent: sargentg@washpost.com
Josh Marshall: tpm@talkingpointsmemo.com
I’m so glad you posted this here, Chips. It was thanks to you that I was first alerted to Benen’s writings, and now I read him everyday (when I have a computer, a problem for me this week).
I want to commit that timeline to memory. I can’t think of a more effective weapon to fight the inaccuracies and downright lies I get thrown at me. Thanks.
Twitter seem to be frozen on my end, anyone else has this problem?
Yeah, it’s dead. Strange.
For me too. It keeps showing what I tweeted thirty minutes ago and isn’t moving. Just stuck.
Oh noooooooooooooooooooo the Gremlins have leaped from WordPress and attacked twitter. Arggggggggggggghhhhhhhhhhhhhhhhhhhhhh 😯 😯 😯
😆
Great post Chipsticks! A picture is worth a thousand words. 🙂
CHINA HAS CUT OFF OUR AGREEMENT TO BORROW FROM THEM!!! THE TEAPARTY WANTS THE UNITED STATES TO ENTER A DEPRESSION!!
Keith, a hair on fire yell-out like yours needs a link, don’cha think?
Where did you see this? I haven’t seen this, what i’ve read is them saying:
“But Beijing, the largest foreign holder of US Treasuries, said in a stinging English-language commentary carried by the official Xinhua news agency that it had “every right” to demand Washington address its structural debt problems and safeguard Chinese dollar assets.
Washington needed to “come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” Xinhua said.
“To cure its addiction to debts, the United States has to re-establish the common sense principle that one should live within its means,” the commentary added.”
— Keith, China’s response is not surprising as they have been itching to be recognized as a huge global economic force and they want to remove the US dollar as the global currency and replace it with their own. It really bothers China that we have to borrow from them, but we get all the perks like our money being the most recognized globally and our economy being the largest with Japan a close second. I’m not saying China likes to kick us when we are down but………… this feeds into their point of why the US dollar isn’t stable and should be replaced, preferably with their own, plus they own alot of our debt and this reflects on them economically too.
The article the excerpt was taken from: Allies rally behind US but China scolds over downgrade:
http://www.google.com/hostednews/afp/article/ALeqM5g01-dV7yRfEZd9dKXISOZdPVGiGg?docId=CNG.e7483a16e5bc523893331788ea5e6527.1231
I left a link on the previous thread.
Thanks to meta on twitter, I saw this, read it, and tweeted it faster than you can say Jack. Thanks meta and Chips.
Steve Benen is a wise, wise man and a brilliantly fantastic reporter to boot.
Thanks, utaliberal.
Everybody needs to get on twitter and help us out. It’s not difficult to use, you learn a ton of information and it’s extremely empowering. Join us!
Hey guys this is nuts. Ed Henry formerly of CNN and now WH Press Corps for Fox News tweeted this: @edhenrytv “Remember President Obama pushed for a “Grand Bargain” that would have cut approximately $4 trillion in debt, but Speaker John Boehner walked.”
😯 😯 😯 😯 For one second or one minute, Ed Henry actually managed to put down the bucket of GOP water he has been carrying and tweeted the truth. Don’t hold your breath on this being a continuous pattern, but for now let’s enjoy. 😆
WTF???????!!!!!!!!! maybe he was hacked.
Ed Henry spoke the truth for once? well I’ll be damned 😯 😯 😯 😯
the President when he walks in has got to go on the offensive big fucking time with the Grand Bargain them again and repeat that $4 Trillion thing and say that it’s time to put Country First like John Mccain tried in 2008 and Cantor betting against our economy
he’s got to be brutal with the media;the Teahadists and the candidates and show no fucking mercy.Time to save the hostage from these domestic terrorists and the DemoWIMPS had better stand right behind the goddamn President TODAY
I hear you….righteously. 😀
but we would not be having this conversation the TP/Repubs has passed a clean debt ceiling bill….but i do not want to ,make this this dicussion for August…the discussion for August is JOBSSSSSSSSSSSS…and the President’s JOBS bus tour….we cannot get sidetracked again….
I really don’t want to hear any false equivalencies from Dem’s or the WH. It’s now clear that we no longer can play by old rules. Republicans have pounced with their usual fervor. We can no longer just blame ‘Congress’, but blame Republicans. We have to grab the narrative and fight differently than we have in the past.
The entire country is literally at stake. And optics matter, unfortunately.
Here’s how I see it 57.
I agree that the dems and pragmatists need to start the hammering beginning yesterday. However, I don’t expect the WH to to so…especially in the silly season of August. The president will wait UNTIL IT MATTERS, i.e., more people are paying attention, before he lands his counter punches. Just know this is the same strategy he used in his campaign when there were a gazillion diaries a day telling the president what he should do…all due to impatience and the need for instant gratification.
Might I suggest reading an amazing and relevant post (found this on TPV: h/t taiping2): http://pleasecuthecrap.typepa. You’ll be glad you did and hopefully will pass (the link) forward.
P.S. Ms. Chipsticks, if you read this and go to the link, it just may be worth showcasing. Seriously.
I know, right? I kept reading it over and over again to be sure I wasn’t seeing things. Maybe his account has been hacked.
I think what happens with these overly-paid propagandists like Henry, Ed is sometimes the facts are SO blatant, that if they tried their usual lies and cover-ups, which they do about 98% of the time, their schtick would become too exposed. They lie and lie just up to the point it isn’t TOO obvious for the majority of the general public. Part of their whole game…
Sometimes I see the truth come out of Republicans mouths one day and the next day they realize they made a tactical mistake in their party and have to walk back what they said. Usually the GOP never even ventured into the area of accidentally telling the truth.
What we feared has happened without even letting the deficit ceiling expire. It happened because the GOP/Tprtyrs were willing to go there in the first place. Now the person that continually warned them to get real and pass the debt ceiling like it had always been done, the person that tried to cut the deficit by even more $4T, and the person that told the American people to call their legislators to pass the debt ceiling is BLAMED by the GOP for the lowering of our financial rating. We have to make sure the noninvolved Americans are aware of the situation.
To put it in other words, a past acquaintance of mine once told me that if you tell the truth 99% of the time, no one would believe you if you told a lie because you’ve been so consistent. Along similar lines, could not the same apply with liars, i.e., they know they HAVE to speak truth from time to time so, hopefully, no one will notice they’ve been lying all along?
should read, “people would believe you if you told a lie……..”.
He deserves no praise for doing what he has failed to do in the past…simply state the facts. I wonder if the push back against the MSM which has increased as of late, both by citizens and politicians/pundits may be showing it’s effects. We have to continue pushing back harder. Several positive articles in the last few days that help to instill confidence in the American people with regards to our President.
Imagine the impact of that influence if it was everyday and everywhere. Besides….it’s straightforward and honest.
Awwww shucks.
Let’s see if he will say that on TV.
Thanks, Ut.
The fox machine is going to pissed the f*** off with ed henry… I think he should go into the witness protection program asap before billo sicks the secret fAUX POLICE on his ass..
Chipsticks, I would like us to push as a group to have Lawrence O’Donnell become the new host of Meet the Press. That joke of a joke host (gregory) sucks, stinks, no facts, no push back on liars is terrible..
Look out your windows folks, are pigs flying and/or is the deviling wearing skis….
From twitter: @edhenrytv “Remember President Obama pushed for a “Grand Bargain” that would have cut approximately $4 trillion in debt, but Speaker John Boehner walked.”
ut, can you send it to Jay Carney he may thank/use it against Ed in the next Presser..
Boy, that Benen timeline is amazing. For decades the Rethug party has hammered over the American people’e head about fiscal responsiblity and debt reduction, but they have been the MOST guilty of drivingthis nation to the brink. WOW…..The American people have been BAMBOOZLED for over 40 years. Nixon planted the seeds of the widesprad deception and take down of the American middle and working classes. 😡
Thanks for posting this. Can’t argue with facts (although idiots will try).
Did me some tweetin’.
I have a question for supporters: Do you believe PBO still can get re-elected if the majority of the public are aware what is going on with the intentional economic sabotage and we enter a double dip recession or depression? My answer would be YES, PBO would appear to be the only candidate a majority of Americans can trust. We will have to work hard to BLUNT the power of the MSM and their punditry with our ground and internet troops. What do you all think?
American public is fickle. In Michigan they voted in the teaparty, even though the President did so much for the auto industry. I still cannot fathom that.
Keith yes I do think he still can be elected.
I believe he will be re-elected, but we will play an important role in seeing that come to fruition. Americans must join forces, the majority of us stand to lose if President Obama is not reelected and new Congressional representation is not seated.
OMG, this is so awful. AP is now reporting that more than 20 Navy SEALS from the unit that killed Osama bin Laden are among the dead in the Afghanistan copter crash. PBO must just feel sickened.
May they rest in peace.
christ. when it rains it pours.
…and just after the debt ceiling was raised and the jobs report was better than expected. BAM!!! S&P lowers our credit rating and there’s a horrific attack in Afghanistan. How can being the President ever be rewarding when it is like a roller coaster? I so respect our Prez for being willing to take on this job for us. I so abhor the opposition party for setting up roadblocks, disrespecting the office ot POTUS, and undermining our Country. Their stand really seems treasonous to me.
oh no 😯 😦 😦 😦 😦 😦
THANK YOU again and again and again Seals and RIP
So horrible and incredibly sad. My heart goes out to their families, Americans, and our President, I know this will weigh heavily on his heart.
The day Afghanistan is brought to a close can not come soon enough. Pray for peace.
Oh no. 😥
Here is the AP article regarding the helicopter crash…
http://news.yahoo.com/obama-mourns-dead-likely-afghan-shoot-down-150657133.html
May God rest the souls of those who fought bravely for our country. This may sound awful, but I’m grateful at least for this:
“U.S. officials believe that none of those who died in the crash had participated in the bin Laden raid, although they were from the same unit that carried out that mission, two officials told The Associated Press.” It sounds horrible because I don’t wish the death of ANY of our heroic men and women in uniform, but something inside of me would have been crushed if those who had been killed last night had been the 25 who went after bin Laden.
Again, I’m so sorry for the men who were lost and their families. Peace and Blessings to them.
I understand, my feelings as well.
Seal Team Six has around 200 members – so while undoubtedly a huge loss, it doesn’t necessarily mean it was the same crew that was in the bin Laden raid. For Taliban/AQ propaganda purposes I hope it wasn’t.
Juan Cole spells it out nicely:
Downgraded US Credit Rating: What comes of Coddling the Super-Rich
http://www.juancole.com/2011/08/downgraded-us-credit-rating-what-comes-of-coddling-the-super-rich.html
Chip can you do us a favor and put this link up right next to the link about how to contact the media as a tool to push back against fallacies when the Teahadists the the so-called “liberal” want to spin this in favor of their GOP buddies? THANK YOU
Text of S&P downgrade of U.S. rating
http://www.marketwatch.com/story/text-of-sp-downgrade-of-us-rating-2011-08-05
Ms. Chipsticks: another link and possibly worth a post of its own. (Found this via taiping2 over at TPV): http;//pleasestopthecrap.typepa. It’s an extensive refutation of the naitivete and harm from the PL/frustrati due to their ignorance of how politics works. Seriously, check it out TOD fam..
If anyone have suggestions or ideas please send them to OFA or the DNC…I ‘ve already sent them plenty of email..I WILL NOT DONATE, unless they use their funding where it belongs, proper representation on TV….and the use transportation for us that want to march…They have 9.1% population unemployed that are willing to demonstrate.
Remember Egypt didn’t happen by accident…they listened to PBO in his Cairo Speech….and organized to throw a dictator of over 30years…..If we can teach them..WHAT DEMOCRACY LOOKS LIKE….we not doing our job to lead by example.
I remember in one of his speech PBO once said:
‘ I AM HERE BECAUSE SOMEBODY MARCHED”
Good morning everyone. I would like to just make a comment about the media. Do you all remember when the whole tv is going digital so you have to sign up for cable or you won’t be able to watch tv thing got started? I know it took effect under President Obama but the whole thing started under Bush. I always thought that this was strange and did not sound right. Why do we have to get cable just to watch tv when tv over the air waves was free and just about anyone could get on say what needed to be said. I always felt something was up with it being made a law and all. Well now I see I was right with the way the media reports stuff. Yes they are controled by the repugs. What is the first thing communist and facist governments take over? That is right the media so that they can only have their lies and only their lies get air time.
True !
Any updates as to when the President will hold a press conference…my day is on hold until I hear from our CIC.
I hate to say this folks, but I wouldn’t put it past the Helicopter crash to be intentional by enemies in our own Government to undermine PBO and place all the blame on him. All the sudden a DOWN GRADE in credit now the Seals that killed Bin Ladin our dead? C’mon folks too much conincidence here. They are trying everything but OVERT assassination………………. 😯
I mean ARE. DAMN!!
Let’s remember why the escalated attempts to undermine this President. He is that BIG of a threat to their power wielding agendas. That positively reinforces that we have the right man in the office of the Presidency, IMO. In this American journey we have now encountered a mountain in our path, despite the steepness and the perils of the terrain we must keep moving, we must keep climbing. We will overcome this obstacle.
I don’t buy that the helicopter crash was US created anymore than I buy the “911 was an inside job” theory. It was tragic and probably either an accident or an external attack. I think our Internal enemies are doing more than enough damage by attacking our economy and the democratic process.
Also, don’t feel comfortable with the recent rash of assassination references that have been appearing the comments sections on this blog. I don’t mean to sound harsh Keith, it’s not just you. It’s just really starting to unnerve me. 😦
Exactly, I’ve had it with the “big government is out to get us” paranoia crap. It’s that crap that got Glenn Beck cut from Fox News, and that crap was popular in 2006 with Alex Jones and the Loose Change kid, but people woke up and realize how much phoney baloney it all is.
It is just a tragic sequence of events: our credit is downgraded and a bunch of heroic SEALS died in a tragic crash, but our President will handle this. It was just one year ago he was handing the oil spill crisis in the Gulf, with the professional left and right wing in the media saying he wasn’t doing enough.
I think it’s because we’re all edgy and upset…we’re “horribilizing”, to use a newish catchphrase. I can understand this, since I’ve always been a “glass is half empty” kind of person. With so many powerful people trying to sabotage our president’s best efforts, no wonder our subconcious drifts to the worst possible conclusion, the sabotaging of the president himself. We have to make a concerted effort to steer clear of this kind of thinking.
Now now Keith, that’s no different than the 9/11 truther nuts saying George W. Bush intentionally put the plot of 9/11 together just so that he could invade Iraq, and that’s pretty much venturing into Alex Jones/Glenn Beck paranoia territory.
Calm down, and get a grasp of the facts. It was a helicopter crash in Afghanistan, like many of the other crashes over there. You gonna blame those on the Republicans as well?
Read upthread Keith. The Seal Team 6 members who died last night were not the bin Laden 25. I know things are scary and confusing right now, but let’s not get all panicky and conspiracy theory-ie. The adage is that when it rains in pours and that bad news comes in threes. Everything that’s been happening since Thursday is HORRIBLE but I see them as tests we must all pass. We-Americans- and specifically us Obots, the prez and his administration are being tested. Let’s hold the line and keep on advancing. If there is one thing Egypt taught us, it’s that when the Egyptian people looked as though they would be defeated, they rallied together, kept the faith, held the line, dug up the roads and used the materials as weapons and fought back against their ‘governments’ forces. We can do it too. If they won democracy with their voices and unsophisticated weapons when everyone thought they were goners, then so can we. Let’s not buy into the insanity. PBO needs us.
As I keep pointing out, it was exactly one year ago that PBO was dealing with the oil spill crisis in the Gulf, and everyone thought THAT crisis was the end of his Presidency.
This also brings back a memory of something that Biden said from 2008, that our President would be tested, and he is indeed being tested. I’m glad that Barack Obama is the one responding to these crises, I don’t even want to ponder the thought of John McCain and Sarah Palin being in charge, and heaven forbid that a Republican wins the White House next year.
Thanks everyone for your responeses. I am usually a cheerleader and try to keep the mood upbeat, but even I can at times be overcomed. Thanks again. 😉
Koch Bros and Conservative billionaires provided money and organizational muscle to give the Tea Party legitimacy. The media outlets treated the Tea Party as grassroots movement giving them cover day in and day out…How do you think Tea Party were elected to Congress?
They been investing in GOLD…hmm wonder why? any clues..They didn’t care if We Defaulted..let alone a credit rating…lol
Weather the S%P story is right or wrong…the Damage has been done, The world is watching and will be thinking twice..before faith and credibility is in place. While student loans, mortgage rates credit card interest goes up, and banks will Stop from lending in full force.Consumer spending will fall off a cliff, production will drop, hiring will will be a thing of the past.
Your wealth and retirement will suffer when markets react to the downgrade. There’s plenty of blame that’s going around. but let us be clear
The Democrats that didn’t have PBO’s back when he pleaded to pass the budget while they had the majority, the incompetent and weak ass Bluedogsl, the P/L for wanting progress, but were unwilling to work for it, instead decided to stay home to teach PBO a lesson, I say to you:
YOUR ARE THE WEAKEST BUNCH…save your Whining for someone that cares. The Tea Party knew exactly what it wanted, and it got it.
America better Wake the HELL UP!!!!
So right you are, lisalovesobama. This s exactly what I was thinking, but couldn’t articulate it as well as you did. We’ve got to hold on and realize that nothing worth having is going to come easy for us. We must continue to have the President’s back, and we must continue to keep the heat on the enemy: TeaParty/Republicans, Obama haters, PL , etc.
I think Presdent should speak about the downgrade and the Seals death, these are to big, and the people need to hear from their President so they can be calm. You know how the American people are, they think the world is coming to an end unless some one tell them different.
Highly recommend all of you read and spread:
http://pleasecutthecrap.typepad.com/main/2011/08/more-politics-101-obama-is-smarter-than-us.html
Yes.We.Can. … DO.More.Together
If you are looking to take a break from the serious, and just want to see some old fashioned, eye roll inducing, FOX inspired stupidity, here you go: http://www.huffingtonpost.com/2011/08/05/fox-nation-calls-obama-bi_n_919487.html?ncid=txtlnkushpmg00000005
AJ…I don’t think I can take anymore Stupidity, especially from Huff and Fox….they will not get my clicks….let alone my sanity.
But thanks 🙂
Understood completley! 😉
Hope I don’t offend anyone, but I feel the need to post an appropriate Bible verse:
2 Timothy 1:7 (NKJV)
For God has not given us a spirit of fear, but of power and of love and of a sound mind.
PBO is a blessed man. He will come through this victorious and so will we.
Amen lmrj.
These situations often remind me of a Psalm which I can’t quite remember the number but it goes as such.
Your enemies conspires to dig a grave for you, but it is they who will fall in that grave.
I like that verse. I think it is reminding us not to give in to fear. The far right harps on fear, builds fear, wants us to fear…what? They never say, just FEAR. We have to make sure we don’t succumb to fear. Love will always win over fear, I truly believe, and a sound mind is a wonderful thing to have, and our president has a sound mind. Let’s not give in to irrational fear…..99.9% of what we fear never does happen….and I really don’t think even that .1% of what we fear happens.
President Obama is having to clean up the worst mess any president ever left for another. Even Hoover didn’t leave two unpaid for wars for FDR! He and his advisers will deal with it, but we have to make sure we elect the right people in 2012. Clean out the tea partiers.
My husband and I were talking about this today, and he looked at me and said “After me the flood?” quoting Louis XIV’s famous saying. And yes, I think GWB was Louis XIV in his extravagance and unconcern for the people. He left a mess for his heirs, and GWB left a mess for his successor.
Psalm 37:1-3
Fret no thyself because of evildoers, neither be envious against the workers of iniquity.
For they shall soon be cut down like the grass and wither as the green herb.
Trust in the Lord and do good.
Okay remember the problem with one of the helicopters in the binLaden operation. One of them malfunctioned. Thank God our President insisted on the fourth helicopter. So this is the second incident of a problematic helicopter in recent months.
1